Scarcity is a concept which I am sure you are quite familiar with, seeing as it
is used practically universally not only in actual markets but also in online
channels. The concept of scarcity operates on the basis of two things: first,
limited time and second, limited supply. Limited supply is more
straightforward and more in-keeping of how we understand scarcity. The
lower the supply, the higher the price. And in the case of certain products or
services, this low supply-high price combination further drives up the
demand by virtue of exclusivity. This is especially relevant in present times
when social media is everywhere, and products are more easily accessible. A
lot of individuals struggle to be unique, to find products or services which
could set them apart from the group. By availing of a scarce resource,
individuals appear to get an edge over their peers. Time and time again, we
see businessmen make use of the concept of limited supply to drive up the
price of products, particularly of necessities. After all, when the demand is
inelastic, consumers are willing to pay for goods or services regardless of the
price thereof. At present, however, limited supply is used to sell not only
necessities, but also luxury goods and other trendy, exclusive pieces. The
case of Supreme, a well-known high-end street fashion brand is a great
example.
Another way to use scarcity is to play up the concept of limited time. This is
a typical scene in limited time offers of products and services, often at large
discounts. By providing a timeline by which target consumers may avail of
the product of service in question, the seller or marketer is able to convince
the target consumers to buy immediately, at the risk of losing such a great
deal.Psychological Trigger #10: Dual-role persuasion.
Just because human beings are in fact emotional decision-makers does not
mean that logic does not form a big part of the advertising process. After all,
individuals still prefer to make emotional decisions which they can later
rationalize or justify to themselves – and the same is true when it comes to
purchasing behavior. That said, consumers are more amenable to spending
extra if they feel that such extra spending is justifiable in light of the present
circumstances.
This is where dual-role persuasion comes in. Essentially, this concept merely